1 Morinaga Milk Industry Co., Ltd. 2 Morinaga Milk Industry Co., Ltd. - Key Employees 3 Morinaga Milk Industry Co., Ltd. - Major Products and Services 4 Morinaga Milk Industry Co., Ltd. - History 5 Morinaga Milk Industry Co., Ltd. - Company Statement 6 Morinaga Milk Industry Co., Ltd. - Locations and Subsidiaries 6.1 Morinaga Milk Industry Co., Ltd. - Head Office 6.2 Morinaga Milk Industry Co., Ltd. - Other Locations and Subsidiaries 7 Morinaga Milk Industry Co., Ltd. - Business Analysis 7.1 Morinaga Milk Industry Co., Ltd. - Company Overview 7.2 Morinaga Milk Industry Co., Ltd. - Business Description 8 Morinaga Milk Industry Co., Ltd. - SWOT Analysis 8.1 Morinaga Milk Industry Co., Ltd. - SWOT Analysis - Overview 8.2 Morinaga Milk Industry Co., Ltd. - Strengths 8.2.1 Strength - Diversified Business Portfolio 8.2.2 Strength - Research and Development Capabilities 8.2.3 Strength - Diversified Geographic Operations 8.2.4 Strength - Leading Market Position 8.3 Morinaga Milk Industry Co., Ltd. - Weaknesses 8.3.1 Weakness - Declining Financial Performance 8.3.2 Weakness - Dependence on Domestic Market 8.4 Morinaga Milk Industry Co., Ltd. - Opportunities 8.4.1 Opportunity - Increasing Global Demand for Feeds 8.4.2 Opportunity - Increasing Global Commercial Beverage Consumption 8.4.3 Opportunity - Rising Demand for Dairy Products 8.5 Morinaga Milk Industry Co., Ltd. - Threats 8.5.1 Threat - Stringent Regulation 8.5.2 Threat - Intense Competition 8.5.3 Threat - Foreign Exchange Risks 9 Morinaga Milk Industry Co., Ltd. - Company Financial Analysis 9.1 Morinaga Milk Industry Co., Ltd. - Five Year Snapshot: Overview of Financial and Operational Performance Indicators 10 Morinaga Milk Industry Co., Ltd. - Interim ratios 10.1.1 Morinaga Milk Industry Co., Ltd. - Financial ratios: Capital Market Ratios 10.2 Morinaga Milk Industry Co., Ltd. - Financial Performance and Ratio Charts 10.2.1 Morinaga Milk Industry Co., Ltd. - Revenue and Operating margin 10.2.2 Morinaga Milk Industry Co., Ltd. - Asset and Liabilities 10.2.3 Morinaga Milk Industry Co., Ltd. - Net Debt vs. Gearing Ratio 10.2.4 Morinaga Milk Industry Co., Ltd. - Solvency 10.2.5 Morinaga Milk Industry Co., Ltd. - Valuation 10.3 Morinaga Milk Industry Co., Ltd. - Key Competitors 11 Morinaga Milk Industry Co., Ltd. - Recent Developments 12 Appendix 12.1 Methodology 12.2 Morinaga Milk Industry Co., Ltd. - Ratio Definitions 12.3 Disclaimer

Table 1: Morinaga Milk Industry Co., Ltd. - Key Employees Table 2: Morinaga Milk Industry Co., Ltd. - Major Products and Services Table 3: Morinaga Milk Industry Co., Ltd. - History Table 4: Morinaga Milk Industry Co., Ltd. - Subsidiaries Table 5: Morinaga Milk Industry Co., Ltd. - Annual ratios Table 6: Morinaga Milk Industry Co., Ltd. - Interim ratios Table 7: Morinaga Milk Industry Co., Ltd. - Capital Market Ratios Figure 1: Morinaga Milk Industry Co., Ltd. - Revenue and Operating Profit Figure 2: Morinaga Milk Industry Co., Ltd. - Asset and Liabilities Figure 3: Morinaga Milk Industry Co., Ltd. - Net Debt vs. Gearing Ratio Figure 4: Morinaga Milk Industry Co., Ltd. - Solvency Figure 5: Morinaga Milk Industry Co., Ltd. - Valuation

Morinaga Milk Industry Co., Ltd.